Cheaper finance is the need of the hour in the renewable energy sector, said K.S. Popli, Chairman and Managing Director, Indian Renewable Energy Development Agency Limited (IREDA) on Thursday.
Pointing that it is not now the question about availability of finances but that of cheap finances, Popli said “the markets have matured and one indicator of that is seen in how the bond markets have progressed.”
The CMD of IREDA was speaking on the panel discussion organized by Ministry of New and Renewable Energy (MNRE), Government of India, at Bonn, Germany.
MNRE, in partnership with the Confederation of Indian Industry (CII), organised a panel discussion on ‘Innovative Financing and Market Evolution to achieve 175 GW renewable by 2022’ on Thursday.
“India has been pursuing its goals of setting up renewable energy capacities and changing its energy mix, and will continue to do so to provide equitable sustainable development,” said C.K. Mishra, Secretary, Ministry of Environment, Forests and Climate Change, Government of India in the event.
The Energy and Resources Institute (TERI) also pushes for higher research in storage technology which could compliment the renewable power.
“There is an imminent need to look at bringing down storage costs,” Ajay Mathur, DG, The Energy and Resources Institute said.
India’s renewable energy journey has come a long way since it set its ambitious target of 175 GW by 2022. Prices of solar and wind have reduced to three to four percents per KWh as against 9-12 per unit in 2013, even as capacities have scaled up to 47.5 GW.